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Author: geocarw Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121565  
Subject: Re: hypothetical question - just for fun Date: 9/27/2004 10:50 AM
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How will setting up a 70/10/10/10 scheme minimize taxes if it was set up before ticket purchase or before redeeming it?

Not sure how you arrived at those numbers, I was thinking of an even division (i.e., 25% for each).

Assume $10,000,000 cash lump sum before taxes:-)

If I am the single winner I pay taxes, assume 40%. I now have $6,000,000 to divide four ways and run into the problems of gifting, etc. described previously in this thread.

My thrust was to divide the lump sum evenly to each winner (myself and each of my 3 children) before taxes. Each would then pay their own taxes and more importantly, have their share of the money.

George
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